The legislation was approved 247-171, largely along party lines, as majority
Democrats
responded to recent public furor over bonuses paid to AIG executives.

Himes, D-4th District, described the bill as a "common-sense measure to protect American taxpayers."

Under the bill, companies that accept funds through the $700 billion Troubled Asset Relief Program would have to base employee compensation on performance.

The Treasury Department would have the task of developing guidelines for reasonable pay and bonuses.

"Like it or not, American taxpayers are shareholders (in these companies)," Himes said. "As representatives of the American people, shouldn't we make sure their dollars are used wisely?"

House Republicans spoke against the bill, raising concerns it could spread to greater federal meddling in private enterprises and complaining it was rushed forward by Democrats to appease angry voters.

Rep.
Virginia Foxx
, R-N.C., claimed it was "political theater" that Himes staged simply to realize a personal ambition -- to become the first freshman to pass legislation.

Himes dismissed her charge.

"Rep. Foxx has been haunting the House floor for days now, trying to score political points that don't have anything to do with the substance of debate," Himes said.

He said that the whole point of his bill was for compensation to be based on performance within an industry that all too often has paid outlandish salaries and bonuses with no consideration of performance.

"I think it is crazy to suggest that we, as representatives of the people, shouldn't be looking after taxpayer dollars that have been invested in these TARP firms," he said.

Himes joined Rep.
Alan Grayson
, D-Fla., in introducing the bill that now awaits Senate action.